[vpFREE] Re: Help! IRS says I owe money

> 5d. Re: Help! IRS says I owe money
> Date: Fri Mar 27, 2009 5:43 pm ((PDT))
>
> Thanks, Barry. I will file the response with an explanation of sessions, along
> with a copy of spreadsheet page showing winning sessions and losing sessions.
> I'll see what that does for me.
>

I would point out that my gambling log would show, for example, in a session with a royal that resulted in a $3,000 win, the $3,000 win for the session, but with a notation that this included a $4,000 royal payment / W2G.

In some way, I think it is advisable to have some "extra" documentation when a W2G is generated and the session win does not equal or exceed the W2G amount.

PERHAPS such a notation on a session-based log would be sufficient to avoid much trouble when audited, and perhaps, if one doesn't want to raise the session winnings to falsely exceed the W2G amount, one should attach a copy of the gambling log to the return to reduce the likelihood of audit.

Others will undoubtedly advise otherwise, and my opinion is provided with no personal knowledge of tax law or IRS practice or policy to back it up. Just commond sense (which may not count for much with the IRS).

--BG

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